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With its name derived from the Gippsland Lakes area in southeast Victoria, Lakes Oil is engaged in a project that involves crude oil production from shallow greensand at Lakes Entrance through a series of wells drilled at the base of a specially dug mine. The company also invests in enterprises engaged in renewable energy sources.
The company’s short-term plan is to resume geological exploration to discover new deposits. Lakes Oil is currently developing the Nangwarry-1 field. In accordance with the PACE exploration program, the PEL 155 joint venture will seek to begin gas supplying to South Australian gas consumers by the end of 2020.
The Lakes Oil NL’s main activities are oil and gas exploration in Australia. The company operates in two segments: exploration of hydrocarbon reserves, mainly in the coastal regions of Victoria, Australia, and investment in enterprises engaged in the renewable energy sector. Lakes Oil owns shares in Petroleum Retention Lease (PRL) 2 and 3 as well as in Petroleum Retention Permit (PRP) 163, 166, 167, 169 and 175. The company owns shares in exploration permits for the Gippsland Basin located in the coastal waters of Victoria. Lakes Oil is interested in oil exploration permits in Queensland, ATP 642P and ATP 662P located on the northern flank of the Cooper and Eromanga Basins. The company has a 17.97% stake in Eagle Prospect located on land in California, USA. Lakes Oil also has oil exploration areas in South Australia. Its subsidiaries include Mingoola Gold Pty Ltd, NavGas Pty Ltd, Rawson Resources, Poolowanna Petroleum Pty Ltd, Petro Tech Pty Ltd and Otway Energy Pty Ltd. Currently, the company is actively developing the Nangwarry-1 field; it is a 50:50 joint venture between Otway Energy Pty Ltd (Lakes Oil subsidiary) and Vintage Energy Ltd.
Projects under development
Years of work
The oil industry has always been one of the most attractive industries for investment. Despite market fluctuations, petroleum products are still in demand, as the need for them only increases. Currently, Lakes Oil is actively developing the Nangwarry-1 field, which reserves are estimated at 28.5 billion cubic feet of gas. With the correct distribution of financial flow and sufficient investments, the company plans to start operating the field and supplying gas to South Australian consumers at the end of 2020. After a series of lawsuits with the Victoria government, the company has been allowed to drill starting from 2021. This permit leads to an increase in local gas supplies, which caused an ambiguous activity on the part of Victoria's oil and gas companies that occurred earlier than expected. To maintain its leading position in the oil and gas business, Lakes Oil has adopted an active development strategy and plans to develop several fields at once. Such a development strategy requires significant funding. The company is the oldest oil and gas prospector and producer in Australia. Over the years, Lakes Oil has managed to carry out a sufficient number of projects that have been generating profit for the company for many decades.
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